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Introduction to Central Banking.

Bibliographic Details
Main Author: Bindseil, Ulrich.
Other Authors: Fotia, Alessio.
Format: eBook
Language:English
Published: Cham : Springer International Publishing AG, 2021.
Edition:1st ed.
Series:SpringerBriefs in Quantitative Finance Series
Subjects:
Electronic books.
Online Access:Click to View
Table of Contents:
  • Intro
  • Acknowledgements
  • About This Book
  • Contents
  • Abbreviations
  • Symbols in Balance Sheets and Tables
  • List of Figures
  • List of Tables
  • 1 Economic Accounts and Financial Systems
  • 1.1 Real Economic Sectors and Basic Types of Transactions
  • 1.2 The Financial Sector and Financial Transactions
  • 1.2.1 Commodity Money, Financial Assets and IOU Economy
  • 2 Central Banks
  • 2.1 Central Banks in a Paper Standard
  • 2.2 Changes to the Demand of Financial Assets in a Paper Standard
  • 2.2.1 If Financial Sectors not Ready to Compensate Missing Demand for Securities
  • 2.2.2 Commercial Banks Absorb Security Flow
  • 2.2.3 The Central Bank Absorb Flows and Acts as Market Maker of Last Resort
  • 2.3 Interbank Flows
  • 2.4 Role of Commercial Banks in Money Creation
  • 2.4.1 Credit Money Created by Banks
  • 2.4.2 "Sovereign Money" and "Full Reserve Banking"
  • 2.4.3 "Central Bank Digital Currency" (CBDC) Accessible to Non-Banks
  • 3 Conventional Monetary Policy
  • 3.1 Short-Term Interest Rates as the Operational Target of Monetary Policy
  • 3.1.1 The Targets of Monetary Policy
  • 3.1.2 The Basic Natural Rate Logic of Monetary Policy
  • 3.1.3 Complicating the Basic Natural Rate Logic
  • 3.1.4 Transmission Channels of Monetary Policy
  • 3.2 Composition of the Central Bank Balance Sheet
  • 3.2.1 Autonomous Factors
  • 3.2.2 Monetary Policy Instruments
  • 3.2.3 Liquidity Providing and Liquidity Absorbing Items
  • 3.3 Monetary Policy Implementation Techniques
  • 3.3.1 The Ceiling Approach
  • 3.3.2 The Floor Approach
  • 3.3.3 The Symmetric Corridor Approach
  • 3.4 The Central Bank Collateral Framework
  • 3.4.1 Why Collateral?
  • 4 Unconventional Monetary Policy
  • 4.1 Rationale and Definition of "Unconventional" Monetary Policy
  • 4.2 Negative Interest Rate Policy (NIRP)
  • 4.2.1 Reasons for a Lower Bound.
  • 4.2.2 Criticism of the Negative Interest Rate Policy
  • 4.3 Non-Conventional Credit Operations
  • 4.4 Outright Purchase Programmes
  • 4.5 Distinguishing Between Conventional, Non-Conventional, and LOLR Policies
  • 5 Financial Instability
  • 5.1 Liquidity, Asset Prices, and Default
  • 5.2 Conditional and Unconditional Insolvency, and Bank Runs
  • 5.3 Illiquidity in Credit and Dealer Markets
  • 5.3.1 Credit Markets
  • 5.3.2 Dealer Markets
  • 5.4 Increasing Haircuts and Margin Calls
  • 5.5 Interaction Between Crisis Channels
  • 6 The Central Bank as Lender of Last Resort
  • 6.1 Principles and Rationale for the Central Bank Acting as Lender of Last Resort
  • 6.1.1 Origin and Principles of LOLR
  • 6.1.2 Why Should Central Banks Be Lenders of Last Resort?
  • 6.2 Forms and Propensity to Act as LOLR
  • 6.2.1 Forms of LOLR
  • 6.2.2 Overall Propensity of a Central Bank to Act as LOLR
  • 6.3 Central Bank Collateral as a Key LOLR Parameter in a Simple Bank Run Model
  • 6.3.1 A Bank Run Model with Binary Levels of Asset Liquidity
  • 6.3.2 The Model with Continuous Asset Liquidity
  • 6.4 Conclusions
  • 7 International Monetary Frameworks
  • 7.1 Why Do Fixed Exchange Rates Persist?
  • 7.2 Past International Monetary Frameworks
  • 7.2.1 The Gold Standard
  • 7.2.2 The Bretton Woods System
  • 7.3 International Monetary Frameworks of the Present
  • 7.3.1 Fixed Exchange Rate System-Paper Standard
  • 7.3.2 Flexible Exchange Rate Systems
  • 7.3.3 The European Monetary Union
  • 7.3.4 Foreign Reserves
  • References.

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